The companies will target renewable projects including solar, geothermal, wind, and hydro projects in the Philippines, Thailand, India, Indonesia, Vietnam, Malaysia and Australia.
As per the MoU, the companies will have to establish a joint venture to build, own and operate the relevant projects, and the joint venture will give a controlling stake on each project to EGP.
The company highlighted that only projects in the development phase will be considered, and it will exclude projects that are under construction and operating assets.
Under the MoU, the companies are also expected to establish a joint working group to regularly exchange information and data on project opportunities.
EGP CEO Francesco Venturini said: "The Asia-Pacific Region is a promising geography for Enel Green Power where we do not have an operational presence yet and through this agreement we are venturing into development opportunities across all renewable technologies in this area abundant with resources and growth potential."
Recently, EGP through its North American subsidiary also entered into an agreement with GE Energy Financial Services to sell of its 49% stake EGPNA Renewable Energy Partners for $440m.
However, EGPNA will continue to own 51% of the partnership interests and will be in charge of the daily administration, operation and maintenance activities of EGPNA REP assets.
